Middle East & Africa Expanded Polystyrene Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The Middle East & Africa expanded polystyrene (EPS) market is expected to witness a CAGR of approximately 2.5% during the forecast period (2018 – 2023). The major factor driving the market is the benefits EPS provides over other materials.
Growing Preference of EPS
EPS is one of the most popular materials used for insulation in the construction industry. This is majorly due to the cost-effectiveness offered by EPS. It has the highest insulating capacity per dollar among all the materials used for rigid insulation, which leads to the lowering of the total cost. Therefore, EPS costs nearly 25% - 50% less than other insulation materials. According to an experiment conducted, the EPS insulation system retains just 5% moisture compared to the 19% in the case of XPS, when both were buried under soil for 15 years. Hence, due to the above-stated factors, EPS is gaining a preference in the market and is expected to drive the market in the Middle East & Africa region during the forecast period.
Building & Construction Sector Expected to have Largest Market Share
The construction industry is the largest consumer of EPS in the Middle East & Africa region. Owing to its lightweight, durability, thermal efficiency, shock absorption, moisture resistance and easy-to-use characteristics, EPS is used effectively in the building & construction sector. It is also used in making roofs, walls, floor insulation, closed cavity walls, road construction, etc. Sheathing is one of the most basic and widely used applications for EPS insulation in the residential and commercial constructions. With the growth of construction activities in the UAE, Bahrain, and Qatar, the market for expanded polystyrene is likely to grow during the forecast period. The number of construction projects in the UAE has also witnessed an increase since Dubai is going to host the world expo in 2020.This is expected to further augment the growth of the expanded polystyrene market in the region during the forecast period.
UAE Dominates the Market
The growing construction industry in the country is providing numerous growth opportunities to the EPS market in the UAE. The number of construction projects has been on a constant rise. Some of these projects include the construction of Al Habtoor City, Al Seef, Bvlgari Resort Hotel and Marina Village, Bluewaters Island, Jewel of the Creek, Dubai Creek Harbour, and Marsa Al Arab. Hence, with the increasing construction activities in the country, the demand for EPS has witnessed a significant growth. Therefore, UAE has the highest demand for EPS. Additionally, the rapidly increasing investments in the construction sector are expected to further augment the EPS market during the forecast period.
Key Developments in the Market
January 2018: BEWi, one of the leading producers of insulation products and customized packaging solutions made from cellular plastic, EPS, in the Nordics acquired Ruukin EPS.
Major Players: BASF SE, Ravago, Synthos SA, Sunpor, and BEWi, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and application used in the market
To identify the countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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